Are you a small B2B business looking for working capital? Consider accounts receivable factoring!
What is invoice factoring?
Accounts receivable factoring, also known as invoice factoring is the process of selling your active invoices to a factoring company for a cash advance, giving you more time and resources to focus on growing your business. Factoring is a simple extension of your current accounts receivable process.
How Does My Business Start Factoring in Alaska?
1– Fill out an online form or giving us a call.
2– From the info you provide, we will match you with an accounts receivable factoring company in our network to cover all your financial needs.
3– The factoring company puts your business through a quick approval process.
4– Once approved, your business submits invoices for completed work to the factoring company.
5– The factoring company contacts your customer and verifies the service listed was completed or order was filled.
6– The factoring company advances your business up to 95 percent of the accounts receivable. The rest is kept as the reserve.
7– Your customer pays the factoring company on their normal payment terms.
8– The factoring company releases the reserve to you once the payment is received, minus a small factoring fee.